Polygon Price Drops to $0.73 but recovers above that low

Polygon Price Drops to $0.73 but recovers above that low

Jan 09, 2020 at 14:22

Polygon (MATIC), price falls below moving average lines. CryptoGuestPosts.com's Polygon price analysis.

Long-term Polygon price prediction: Bearish

The altcoin reached its highest point on December 27 at $1.09, before it began to decline. The moving average and resistance at $0.84 are slowing the upward movement. Polygon will resume its upward trend if it breaks through these barriers. Polygon's bearish momentum will return if it encounters resistance near the moving average line. The altcoin is expected to drop as low as $0.61. The downward momentum may reach the bottom of chart. Altcoins are currently being sold for $0.81.

Analysis of the polygon indicators

The moving average lines are above the price bars of cryptocurrency. As long as the price bars remain below the moving average line, the bearish momentum could continue. Moving average lines are moving downwards on the 4-hour chart, which indicates the current decline.

Technical indicators

Resistance levels: $1.20 $1.30 $1.40

Support levels: $0.60, $0.40, $0.30

What's next for Polygon?

Polygon's value is dropping after the recent drop. The altcoin experienced a steep drop on January 3, reaching a low of just $0.73 before recovering. Long candlestick tails indicate strong buying pressure at the $0.73 level of support. The altcoin's upward momentum will be resumed if buyers are found at the $0.73 level.

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Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as an endorsement from CryptoGuestPosts. Before investing in funds, readers should research the market.


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